S&p Looking bearish on higher time frames. Observing this megaphone pattern and using fib levels as trade entries / stops. Downside possibly to ~2000 levels. Of course the fed could inject liquidity into the markets and invalidate all the technicals.
Calling reversals (tops and bottoms) is always tricky, however that's where the highest reward to risk ratios are.
Happy Trading.
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Down today. Depending on how aggressive you are, you could wait for a retest before targeting a fib level lower.
I think you mean S&p looking bearish on shorter time frames. On longer time frames, S&p is still bullish. Be careful what you wish for.
Hexxi
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@tradeBob1, Yep! Mixed that up. Higher time frame does look quite bullish. I wouldn't short right here anyway, watching if the pattern plays out and seeing if fib levels hold for support.